The US and China have reached a final agreement on the sale of TikTok’s US operations, treasury secretary Scott Bessent confirmed Sunday.
Speaking on CBS’s Face the Nation, Bessent said the deal was completed in Madrid and will be formally approved when Donald Trump and Xi Jinping meet in South Korea later this week.
Valued at $14 billion, the deal gives US and international investors about 65% ownership of TikTok’s American business, while ByteDance and Chinese investors will retain less than 20%. Oversight of the app’s algorithm will move to the new US-based board.
The agreement follows years of political tension over TikTok’s Chinese ties and comes as part of a broader US–China trade framework expected to be discussed at the Trump–Xi summit.
